Better Place bought out of bankruptcy for $12M by group led by solar entrepreneur
After filing for bankruptcy, electric car startup Better Place has now been sold for $12 million to a group that includes a solar entrepreneur, a Canadian businessman and Better Place car owners in Israel.
A little over two months after electric car startup Better Place filed for bankruptcy, the company — which raised around $850 million over its lifetime — has now been bought out of bankruptcy for around $12 million. Local business news media in Israel,Globes and Haaretz, report that a group called Sunrise, which is led by solar entrepreneur Yosef Abramowitz, and will include owners of Better Place cars in Israeli, has won the bid for the bankrupt company.
Reportedly there were 70 companies that had expressed interest in buying up Better Place’s assets, and there was another group that had made to the final round of the bidding process with Sunrise, which was a group led by business man Tsahi Merkur, the owner of Success Parking. Sunrise is also led by Canadian businessman Henry Shiner.